Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1887-09-21
The Bank of Nevada Advances this
Enormous Sum on Very Doubtful
Security on the Occasion Of
the Corner on Wheat.
The Corner COllapses and President
Flood is Fired by Mackey to Give
Place to James g. Fair.
In the Meantime the Brokers, Dresbach
& R0senthal, May Settle With the
Creditors Who are Doing
the Walking.

SAN FRANCISCO, September 16.-William m
Dresbach. one OF the chief MAJ ipulators oi
the recently collapsed wheat deal. has filed
with the County Recorder full statement
Of his liabilities and assets. Among the
creditors who loaned Dresbach are the
following who are well secured by wheat
at which. if sold at the present prices,
would cover the claim: c. H. kaufman,
100000; Searles & Stone, 1886, 900;
Staub & Cooper. $4,000; Chas.
F. Reed, $65O,OOO; Abby M.
Parrott, 100000. Starr & Co.,
$4,000; London, Paris and American.
Bank, S14O, 900; Blum, Baldwin & Given,
1921, 900. Following this statement is
given d list of the wheat contracts where
by Duesbach agreed to receive 80, 600 tons
of wheat from various parties at prices
ranging from $1.7O per central to 50 per
central. the current price now being $1.26.
The amount due ON these contracts is in
dispute
THE MOST STARTLING EXHIBIT
made is an amount Of money owing to the
Nevada Bank on promisory notes. The
statement shows that Dresbach owes the
bank $55O,OOO. He also obtained from
the bank $6.OOO.OOO on a guaranty given
bv Chas, F. Reed, so that what he received
from the bank in various amounts was
fully Sc, 500, 900. Mr.. Reed, who appears
as guarantee for this enormous loan, is
formerly of Yolo County, in this State, and
owns large tract of land there. How he
has satisfied the Nevada Bank is not
stated. Mrs. Paren Stevens. of New York,
is his sister, and he has other wealthy rela-
tives.
IN THE LIST OF ASSETS
there is given statement OF fifty y-seven
vessels bound for Liverpool carrying
595, 900 quientals of wheat. Dresbach
drew upon the consignees OF this wheat in
England for more than the present value
of the cargoes and the assets therefore are
of no value. Among other assets are
$278 46 OF money on hand. There is also
q book account OF 1,795,0OO owing to
Dresbach by johnson, Bosch d Co., o.
England, but this amount will not be
more than sufficient to cover the losses
sustained by this firm, on advances made
to cover losses on wheat in Europe or
account of Dreshach. Henry Coubrough
of London, is also mentioned as owing
$4,000, but estimated the valae OF thu
account for the same reason as stated II
the case Of Johnston, Bosch & Co. There
are
VARIOUS OTHER LONDON ACCOUNTS
OF less magnitude. but they are deemec
valueless. John Rosenfeld is also quotet
| az owing $1O7 900. He was partner will
Dresbach, and this represents his share o
the loss on joint account. TIE summar.
shows as follows: Money borrowed o1
wheat and secured, 81. $50 600; owing tt
Nevada Bank. $6,553,OOO; losses OF
contract, 100000; losses on cargoes
.enroute, $535 600; Other losses, $3.50 600
making a total indebtedness OF more thai
100000, which is practically unsecured
and which is supposed to approximatel.
represent the loss in this deal. Taken rs
whole the exhibit ia regarded as the mos
remarkable in the history of speculation il
this country, and is accepted as COMES
sion of the necessity of changes whic
occurred three days ago in the directory
the Nevada bank.